Veda’s Multi-Strategy India FoF Drop 26%

Jan 23 2009 | 1:02am ET

An India-focused fund of funds set up lat year by an ex-Bear Stearns product manager is bleeding red. The Veda Multi-Strategy India Fund, the brainchild of Ridaa Murad, who built India-focused synthetic swaps, corporate finance and equities products for Bear Stearns, lost 26.52% between inception in September and December, according to data obtained by FINalternatives.

Murad launched the fund of funds in September with Bradford Matthews, who owns a broker/dealer in India. The fund’s initial stable of seven managers employ direct lending, debt lending, convertible arbitrage and distressed debt, according to Murad. The fund of funds also has exposure to futures and options arbitrage strategies, private equity and real estate, as well as long/short and long-biased managers.

“Given the market in India, we think the opportunities are not just in one part of the market cycle and the trick to investing in India is buying the sell-off,” Murad told FINalternatives prior to the fund’s launch.

Some more established India-focused hedge funds were also seriously hurt last year. Funds managed by Halbis Capital Management, Boyer Allan Investment Management and Permal lost between 28% to 71% last year, according to their performance data.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of